According to the report, the global car rental market was valued at approximately USD 58.26 billion in 2016 and is expected to reach approximately USD 124.56 billion by 2022, growing at a CAGR of around 13.55% between 2017 and 2022.

New York, NY, April 25, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Car Rental Market by Car Type (Luxury Cars, Executive Cars, Economy Cars, SUV Cars and MUV Cars) for Local Usage, Airport Transport, Outstation, and Others: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016–2022”. According to the report, the global car rental market was valued at approximately USD 58.26 billion in 2016 and is expected to reach approximately USD 124.56 billion by 2022, growing at a CAGR of around 13.55% between 2017 and 2022.

Car or vehicle rental service is relatively developed in the industrialized economies. A car rental, hire car, or car hire company provides vehicles on rent for short periods of time, generally ranging from a few hours to a few weeks. Car rental providers have a number of local branches and offices near airports, bus stops, railway station, and busy city areas. The key vendors that provide vehicle rental services mainly focus on customer's requirements, growth, innovation, and offers that attract customers and efficiency.

The car rental market is primarily driven by rising tourism industry. Healthy economic growth and rising disposable income in developing countries are expected to propel the market growth during the year to come. Furthermore, high demand for the internet and smart technology helps to drive this market at the fast pace. However, some restraints like the rise in crude oil prices and lack of proper marketing may hinder the growth of the market. Moreover, use of the green vehicle is the most cost-effective way to improve energy efficiency and reduce carbon emissions is likely to open up new opportunities in evolving consumer preference.

In terms of car type, global car rental market is segmented into MUV cars, SUV cars, economy cars, executive cars, luxury cars. Economy cars dominated the car rental market and accounted for significant share of the market. Economy cars are expected have a faster growth in the future due to the emergence of new companies in the market.

Based on end-users, the car rental market has been segmented into local usage, airport transport, outstation, and others. Car rental for airport transport was leading end-user segment in car rental market and accounted for the largest market share in 2016. Growing demand for car rental due to green initiatives was taken by Government and increasing awareness about pollution is expected to drive the car rental market over the forecast period. One of the leading vendors in car rental market i.e. ‘Hertz’ New Zealand offers its customers a carbon calculator to allow potential renters to determine their carbon footprint for various car models.

North America was followed by Europe and the Asia Pacific in 2016. North America and Europe together recognized over 47.80% market share in 2016. The affordability of car hiring or car on rent and its awareness among users is expected to drive this regional car rental industry in the coming years. Car rental market in Europe is expected to have significant growth during the years to come owing to the presence of well-known car service providers like Sixt Rent-A-Car, Euro car in the region.

The Asia Pacific is one of the fastest growing regional markets for car rental within the forecast period due to the increasing population coupled with transportation issues in the region. Car rental service is very useful in Asian countries like India, Australia, Cambodia, Japan, China etc. There are many islands in Indonesia region which are the most attractive tourist destination. This helps to grow the car rental market in the Asia Pacific. Eco Rent A Car, Carzonrent , Al-Futtaim Group are some leading car rental service providers in the Asia Pacific.

Latin America, Middle East, and Africa are likely to have moderate growth for car rental market during the estimated five years. Increasing disposable income coupled with increasing demand for transportation is expected of fuel the car rental market within the forecast period.

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